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Enovis vs Edwards Lifesciences: revenue, profit, margins and growth compared

Enovis brought in $2.2B of revenue in fiscal 2025, Edwards Lifesciences $6.1B in fiscal 2025. Revenue changed by +6.7% at Enovis and +11.5% at Edwards Lifesciences on the year before, so Edwards Lifesciences grew faster. Enovis kept -52.7% of its revenue as net profit, Edwards Lifesciences 17.7%. Free cash flow was $19.9M at Enovis and $1.3B at Edwards Lifesciences.

Side by side, latest fiscal year

ENOVEW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.2B$6.1B
Revenue growth+6.7%+11.5%
Net income-$1.2B$1.1B
Net margin-52.7%17.7%
Free cash flow$19.9M$1.3B
Free cash flow margin0.9%22.0%
Earnings per share (diluted)-$20.75$1.83
Cash$36.4M$2.9B
Debt$1.3B$598.3M
Price to earningsn/a47.1
Market value$1.1B$49.7B
Dividend yieldn/an/a
Rank by revenue in sector#102 of 523 · Health care#54 of 523 · Health care

Over the years

Revenue
ENOV FY2018: $3.7BENOV FY2019: $3.3BENOV FY2020: $1.1BENOV FY2021: $1.4BENOV FY2022: $1.6BENOV FY2023: $1.7BENOV FY2024: $2.1BENOV FY2025: $2.2BEW FY2018: $3.7BEW FY2019: $4.3BEW FY2020: $4.4BEW FY2021: $5.2BEW FY2022: $4.5BEW FY2023: $5BEW FY2024: $5.4BEW FY2025: $6.1BFY18FY19FY20FY21FY22FY23FY24FY25
ENOV $2.2BEW $6.1B
Net income
ENOV FY2018: $140.2MENOV FY2019: -$527.6MENOV FY2020: $42.6MENOV FY2021: $71.7MENOV FY2022: -$13.3MENOV FY2023: -$33.3MENOV FY2024: -$825.5MENOV FY2025: -$1.2BEW FY2018: $722.2MEW FY2019: $1BEW FY2020: $823.4MEW FY2021: $1.5BEW FY2022: $1.5BEW FY2023: $1.4BEW FY2024: $4.2BEW FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
ENOV -$1.2BEW $1.1B
Net margin
ENOV FY2018: 3.8%ENOV FY2019: -15.9%ENOV FY2020: 3.8%ENOV FY2021: 5.0%ENOV FY2022: -0.9%ENOV FY2023: -1.9%ENOV FY2024: -39.2%ENOV FY2025: -52.7%EW FY2018: 19.4%EW FY2019: 24.1%EW FY2020: 18.8%EW FY2021: 28.7%EW FY2022: 34.1%EW FY2023: 28.0%EW FY2024: 76.7%EW FY2025: 17.7%FY18FY19FY20FY21FY22FY23FY24FY25
ENOV -52.7%EW 17.7%
Revenue growth
ENOV FY2019: -9.3%ENOV FY2020: -66.3%ENOV FY2021: +27.3%ENOV FY2022: +9.6%ENOV FY2023: +9.2%ENOV FY2024: +23.5%ENOV FY2025: +6.7%EW FY2019: +16.8%EW FY2020: +0.9%EW FY2021: +19.3%EW FY2022: -14.7%EW FY2023: +12.2%EW FY2024: +8.6%EW FY2025: +11.5%FY19FY20FY21FY22FY23FY24FY25
ENOV +6.7%EW +11.5%
Free cash flow
ENOV FY2018: $156.7MENOV FY2019: $5.5MENOV FY2020: $187.2MENOV FY2021: $251.9MENOV FY2022: -$161.3MENOV FY2023: $12.8MENOV FY2024: -$67.2MENOV FY2025: $19.9MEW FY2018: $688MEW FY2019: $928.5MEW FY2020: $647.3MEW FY2021: $1.4BEW FY2022: $973.6MEW FY2023: $642.8MEW FY2024: $289.9MEW FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
ENOV $19.9MEW $1.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Enovis and Edwards Lifesciences

Which is bigger by revenue, Enovis or Edwards Lifesciences?

Edwards Lifesciences is bigger by revenue: $6.1B in fiscal 2025, against $2.2B for Enovis in fiscal 2025.

Which keeps more of its revenue as profit, Enovis or Edwards Lifesciences?

Enovis had a net margin of -52.7% in fiscal 2025; Edwards Lifesciences had 17.7% in fiscal 2025.

Which grew revenue faster, Enovis or Edwards Lifesciences?

In their latest fiscal years revenue changed by +6.7% at Enovis and +11.5% at Edwards Lifesciences.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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